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Trend Trading Chart Thread

  • #1,281
  • May 24, 2010 7:59am May 24, 2010 7:59am
Quoting coolshades
commander, i was wrong, and your call was right. i hope i am the only on foolish enough to take my own calls ;-).

btw what other pair are you following? i want to get back on ea, ecad, echf and au, but none of them are being cooperative.
I was lucky this time I guess!

I have sold G/U @ 1.4500 this morning and E/N @ 1.8500

I do also want to start selling E/A again but I think I am going to wait to get a clearer signal... the action just a bit too wild lately!

And of course... A/U - we should have held onto our shorts from 0.9!! Oh well, time to look for a re-entry on this one too.

Regards,

Dan
  • #1,282
  • May 24, 2010 8:08am May 24, 2010 8:08am
umm, i did have shorts on au which i closed at arnd 83 last week.

by the way i hope you are eyeing eurcad... coming down nicely again. behaving.

Quoting DanUK
I was lucky this time I guess!

I have sold G/U @ 1.4500 this morning and E/N @ 1.8500

I do also want to start selling E/A again but I think I am going to wait to get a clearer signal... the action just a bit too wild lately!

And of course... A/U - we should have held onto our shorts from 0.9!! Oh well, time to look for a re-entry on this one too.

Regards,

Dan
  • #1,283
  • May 24, 2010 8:43am May 24, 2010 8:43am
Quoting coolshades
umm, i did have shorts on au which i closed at arnd 83 last week.

by the way i hope you are eyeing eurcad... coming down nicely again. behaving.
Oh! I thought you had closed out before then for some reason! Going mad in my old age!

I am still holding E/C shorts and will indeed be looking to add! I possibly should have added to them today but I already have exposure on E/U, G/U and E/N so I am planning to wait for now!
  • #1,284
  • May 24, 2010 8:47am May 24, 2010 8:47am
no had gone short again at 886. i will look to add eurcad shorts at 3100

Quoting DanUK
Oh! I thought you had closed out before then for some reason! Going mad in my old age!

I am still holding E/C shorts and will indeed be looking to add! I possibly should have added to them today but I already have exposure on E/U, G/U and E/N so I am planning to wait for now!
  • #1,285
  • May 24, 2010 9:38am May 24, 2010 9:38am
Hi Commander

Excellent trading as usual.

@Coolshades - What do u mean by BPC?

Looking for SHORT:

EU - 1.2500 to 1.2550
GU - 1.4500 to 1.4550
AU - 0.8400 to 0.8450
UJ - 0.9100 to 0.9150

Looking to LONG
UC - 1.0450 to 1.0500

Anyone with me

BTW is any trooper here dancing FULL-time with the market

Pip well
Sylar
"Thinking Heart & Feeling Brain"
  • #1,286
  • May 24, 2010 9:41am May 24, 2010 9:41am
BPC = Breakout Pullback and Continuation

This is a method mainly used by Hector......anyother very good Trend Trading method

Quoting Sylar
Hi Commander

Excellent trading as usual.

@Coolshades - What do u mean by BPC?

Looking for SHORT:

EU - 1.2500 to 1.2550
GU - 1.4500 to 1.4550
AU - 0.8400 to 0.8450
UJ - 0.9100 to 0.9150

Looking to LONG
UC - 1.0450 to 1.0500

Anyone with me

BTW is any trooper here dancing FULL-time with the market

Pip well
Sylar
  • #1,287
  • May 24, 2010 9:51am May 24, 2010 9:51am
Thanks Coolshades

Try to search using BPC method but cannot seem to locate the exact thread... Can u direct me to the appropriate thread.

Thanks in advance

Pip well
Sylar
"Thinking Heart & Feeling Brain"
  • #1,288
  • May 24, 2010 11:29am May 24, 2010 11:29am
sylar, james16 has lot on bpc. its not new and not unique to hector's system. a breakout is when price breaks a key level, pull back is when price returns to the key level and continuation is when price continues the breakout, away from the key level.

infact when dan used to enter on his h4, his method of entry was similar to bpc, but based around the 50% fibs
Quoting Sylar
Thanks Coolshades

Try to search using BPC method but cannot seem to locate the exact thread... Can u direct me to the appropriate thread.

Thanks in advance

Pip well
Sylar
  • #1,289
  • May 24, 2010 12:48pm May 24, 2010 12:48pm
Hi All,

I am looking at some similar setups below:

eurusd - short 12500
gbpusd - short 14600
usdjpy - short 9100
chfjpy - short 9750
usdchf - long 11450

100 SL closed my eu short today @12450 giving me 100 pips.

Anyone any coments on my pending trades?

Good trading all :-)


Quoting Sylar
Hi Commander

Excellent trading as usual.

@Coolshades - What do u mean by BPC?

Looking for SHORT:

EU - 1.2500 to 1.2550
GU - 1.4500 to 1.4550
AU - 0.8400 to 0.8450
UJ - 0.9100 to 0.9150

Looking to LONG
UC - 1.0450 to 1.0500

Anyone with me

BTW is any trooper here dancing FULL-time with the market

Pip well
Sylar
  • #1,290
  • May 24, 2010 2:53pm May 24, 2010 2:53pm
Quoting coolshades
sylar, james16 has lot on bpc. its not new and not unique to hector's system. a breakout is when price breaks a key level, pull back is when price returns to the key level and continuation is when price continues the breakout, away from the key level.

infact when dan used to enter on his h4, his method of entry was similar to bpc, but based around the 50% fibs
Yes that's right - in fact I still use it.

An example of how I do this "bpc" type trade can be seen below... this was an actual trade I took.

In this case price was bouncing off of resistance at 1.0500 - broke out and came back to re-test the level. This is where I placed my long (anticipating that the level would hold).

You can also wait for price to indicate that the level has held... in this example you could have entered above the bullish candle (that formed a kind of pin-bar / bullish engulfing bar) that re-tested 1.0500. This is probably the safer way to enter the trade - particularly if you are new to this.

Regards,

Dan
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  • #1,291
  • May 24, 2010 3:03pm May 24, 2010 3:03pm
Hi Trooper Sylar,

I agree with your EU and GU areas... although with GU if we don't get a move down soon I could see the possibility of 1.48 being tested before the trend resumes.

With AU I am looking a little higher... in the 0.8500 - 0.8600 area.

UJ seems a little messy to me... if I were to enter I think I would be inclined to wait for a clear signal first (pin bar etc in the right area) - but as I said it seems a little messy at the moment so I am personally sitting out at the moment.

I think you're developing the right eye for it!

Regards,

Dan

Quoting Sylar
Hi Commander

Excellent trading as usual.

@Coolshades - What do u mean by BPC?

Looking for SHORT:

EU - 1.2500 to 1.2550
GU - 1.4500 to 1.4550
AU - 0.8400 to 0.8450
UJ - 0.9100 to 0.9150

Looking to LONG
UC - 1.0450 to 1.0500

Anyone with me

BTW is any trooper here dancing FULL-time with the market

Pip well
Sylar
  • #1,292
  • May 24, 2010 3:17pm May 24, 2010 3:17pm
Quoting bez3000
Hi All,

I am looking at some similar setups below:

eurusd - short 12500
gbpusd - short 14600
usdjpy - short 9100
chfjpy - short 9750
usdchf - long 11450

100 SL closed my eu short today @12450 giving me 100 pips.

Anyone any coments on my pending trades?

Good trading all :-)
Hi mate,

EU & GU I like. UJ not so keen (as per comments above).

I'm a little confused on the CHFJPY... aren't we in the 7700s at the moment?

USD/CHF is a tricky one... I see what you are seeing but I also see a possible barrier in the 1.12/1.13 area which is where I will be initially watching. Again, this is where watching for candlestick patterns can be very helpful!

Regards,

Dan
  • #1,293
  • May 24, 2010 3:17pm May 24, 2010 3:17pm
yes, only difference is i enter at the top of the bullish bar which first broke the level. obviously i miss some pips, but the idea is to get the 60% move and not chase all pips.

hence in an earlier post i mentioned i was looking at euro entry below 2455, because on h4, one candle broke that level, which is a key level on my charts (in addition to 2500)

Quoting DanUK
Yes that's right - in fact I still use it.

An example of how I do this "bpc" type trade can be seen below... this was an actual trade I took.

In this case price was bouncing off of resistance at 1.0500 - broke out and came back to re-test the level. This is where I placed my long (anticipating that the level would hold).

You can also wait for price to indicate that the level has held... in this example you could have entered above the bullish candle (that formed a kind of pin-bar / bullish engulfing bar) that re-tested 1.0500. This is probably...
  • #1,294
  • May 24, 2010 3:29pm May 24, 2010 3:29pm
Quoting coolshades
yes, only difference is i enter at the top of the bullish bar which first broke the level. obviously i miss some pips, but the idea is to get the 60% move and not chase all pips.

hence in an earlier post i mentioned i was looking at euro entry below 2455, because on h4, one candle broke that level, which is a key level on my charts (in addition to 2500)
I see - a bit like the old 1-2-3 breakout then. Funnily enough that was one of the first things I learned when starting out in TA and indeed it is one of the really valuable "tricks" that gets overlooked I think!
  • #1,295
  • May 24, 2010 3:36pm May 24, 2010 3:36pm
yes. i dont know what its real name is called, over on j16, bpc and 123 is used quite interchangeably.

note that this entry is still under examination by me because while i used it to make a few truckloads over the last 2-3 months; given that most pairs were in free fall over the last 2-3 months, almost everyone made truckloads.

however, i dont see a reason why it will not work. my sl is either the nearest s/r + 10 pips PR the ATR for that pair for that time frame, whichever is higher. i tend to round out the ATR, to an ATR like 124,i will use 150 and appropriately adjust the lot size.

i started using this system because i am not good at spotting good entries at key levels especially the 50% fib level. a good example is the euro entry at 2500.

again, i am a newbie, all that i say shd be immediately forgotten.

Quoting DanUK
I see - a bit like the old 1-2-3 breakout then. Funnily enough that was one of the first things I learned when starting out in TA and indeed it is one of the really valuable "tricks" that gets overlooked I think!
  • #1,296
  • May 24, 2010 4:13pm May 24, 2010 4:13pm
commander, what do you think of it at current level of 4330
  • #1,297
  • May 24, 2010 8:55pm May 24, 2010 8:55pm
Hi Dan, You are the man, great work as usual.

I missed E/U down move agian, waiting for the 1.2750 to enter, you were right.

I am learning more from your forum than anywhere els.
Good example on the "bpc" thanks for explaining this.

The Crazzy one
  • #1,298
  • May 25, 2010 1:13am May 25, 2010 1:13am
Quoting DanUK
Hi Trooper Sylar,

I agree with your EU and GU areas... although with GU if we don't get a move down soon I could see the possibility of 1.48 being tested before the trend resumes.
Yes i agreed. PA seems to be consolidating... Waiting for it's next move...

With AU I am looking a little higher... in the 0.8500 - 0.8600 area.
That's my next area of interest (i.e. 50%fib of the next swing) if PA pierce through the 0.8400 to 0.4550

UJ seems a little messy to me... if I were to enter...
I set out a few KEY lessons i learn from the Greece debacle:

1) Trend Trading works & is EXTREMELY rewarding;
2) Don't try to catch the BOTTOM & TOP, just follow the trend & enjoy the ride;
3) PATIENCE, PATIENCE, PATIENCE. Don't chase the trend, there's is always a trade being setup at the moment elsewhere;

Guilty as charged on all counts. I missed a lot of good moves trying to catch the BOTTOM or TOP.

I am very happy to see Commander and the rest of troopers who makes plenty of pips during the Greece debacle but at the same it was annoyed & upset at myself for not being to ride the trend as profitably.

However on the flipside i see that as a lesson in PATIENCE & will serve me well in my development as a trader.

I have a goal to become a FULL-time trader within 1-2 years. I feel privilege to be in the company of great traders like Commander, Coolshades, Fxgenius & other who have help me in my path. Thanks to ALL

Pip Well
Sylar
"Thinking Heart & Feeling Brain"
  • #1,299
  • May 25, 2010 1:58am May 25, 2010 1:58am
noble trooper sylar sir,

i fell out my chair laughing after reading your clubbing me with commander and fxg. i still trade a micro account for various reasons and whilst i am profitable, consistency is still on the wish list.


however, to add to your post, patience and rigidly unswervingly sticking to your system is the most important aspect of trading. the system is funnily less important.



Quoting Sylar
I set out a few KEY lessons i learn from the Greece debacle:

1) Trend Trading works & is EXTREMELY rewarding;
2) Don't try to catch the BOTTOM & TOP, just follow the trend & enjoy...
  • #1,300
  • May 25, 2010 2:27am May 25, 2010 2:27am
Humility is a sign of a good trader
"Thinking Heart & Feeling Brain"
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